it sounds to me as if you're implying that people are not 100% honest on these forums? If thats the case I'll have to totally rethink this whole internet forum thing.
http://www.reuters.com/article/idUSTRE5B154H20091202 I wonder what the avg annualized return was on the CBOE seat, similar to CME?
you brain must be gasping for air after that cerebral outburst... But since you are offering, here you go for $250K. I will even throw in the table
Maybe the guy wants to know the process involved in buying a seat. Isn't it smart to know all the aspects of the infrastructure you are doing business with? People cannot be this crabby unless they were shorting this market since July.
"not that much" is a relative phrase, some might think its not that much and other will never see that much in their life time. In general 2.5 mil is "that much" in that the vast majority of people dont have it including you. Its a moot point since you cant buy one for 2.5mil
Since I am a seat holder (prices definitely was a little below 2.5M then), let me describe the basic process. First thing you need to do is to form a clearing relationship with a CBOE clearing firm. Look it up (or call CBOE) to get a list of clearing firms. Then you will need to do a membership application process, which requires your bank to verify your assets, history of income, trading experience, etc. It helps to have your personal attorney here. You will need to either form a new Broker / Dealer, or (much easier), buy an existing (but defunct) B/D "shell". Regardless, one member of the firm (most likely you), will at minimum need to be holders of Series 4 and 24 (securities market principal). CBOE will most likely want a sit down "interview" after the application was submitted, mostly to make sure that you have working knowledge of the options industry. I did it over the phone, but then a lot of ppl in the market governance committee knows who I am. After the application gets approved, it takes about 2 months (at fastest). Then you will submit a "bid" for the seat market, guaranteed by your clearing firm (most likely by cash account balance, unless you hold other securities or say a Merc seat with them). And once the seat prices are "matched" (after negotiation) and money goes thru (don't worry, almost all clearing firms have a Seat person that will help you with the bid process). Congratulations, you are now a seat holder. Now the hard part begins. The same application process (but not the bid / match process) applies for prospective seat leases.